Challenger profit slumps as ‘market volatility’ bites

Half-year profit at Australia’s biggest annuities provider, Challenger, has been all but eradicated because of market volatility, the company said.

Net profit in the six months ended December 31 plunged to just $6.1 million, from $195.4 million in the same period a year earlier.

Challenger said its result had been affected by increased market volatility, industry disruption and political uncertainty.

Challenger said its result had been affected by increased market volatility, industry disruption and political uncertainty.Credit:Peter Braig

Revenue slumped 20.8 per cent to $893.5 million, from $1.13 billion in the second half of 2018.

«Our results have clearly been impacted by the difficult operating environment we’re experiencing, with increased market volatility, industry disruption and political uncertainty,» Challenger chief executive Richard Howes said in a statement accompanying the earnings release.

Источник: Theage.com.au

Источник: Corruptioner.life

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